Magnum Hunter Resources published numbers yesterday for their total proved reserves (how much recoverable oil and gas they have in the ground) for 2013–sort of a scorecard for how they ended the year. They report that total proved oil and natural gas reserves increased by 23% in 2013. Magnum Hunter CEO Gary Evans says the increase was primarily due to their Marcellus Shale drilling program. He said he expects 2014 to be another banner year for the company because of the Marcellus, and because of their drilling program just getting started in the Utica Shale. The company owns 97,000 acres of leases in the Utica and that program is just getting off the ground, so they expect to really pump up proved reserves in the Utica in 2014.
Here’s the full statement from Magnum Hunter. Lots of numbers–don’t go cross-eyed reading it. The interesting stuff is further down the statement…
